BENGALURU: The Central Board of Direct Taxes has extended the validity of Form 15G and Form 15H till June 30, 2020. These two forms are normally filed by tax payers, whose income is not taxable - to avoid taxation.
The CBDT has said, "Due to the outbreak of pandemic Covid-19 virus, there is severe disruption in the normal working of all sectors, including functioning of banks, other instutions. Amidst such situation, there can be instances that some eligible person may not be able to submit the Form 15G and Form 15H timely."
Such non-submission could lead to deducation of tax (TDS) by banks even though there is no tax-liability. To mitigate hardship, the CBDT said, "In case if a person has submitted valid forms of 15G and 15H to the banks and other institutions for FY2019-20, then these forms will be valid upto June 30, 2020."
CBDT reiterated that the payer who has not deducted tax on the basis of forms 15G and 15H, shall be required to report details of such payments or credits in the TDS statement for the quarter ending June 30, 2020 in accordance with provisions of rule 31A(4) (vii) of the Income Tax Rules, 1962.